Federal Reserve unanimously approves reappointment of regional bank presidents
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Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.WASHINGTON (AP) — The Federal Reserve’s governing board unanimously approved the reappointment of nearly all of the Fed’s 12 regional bank presidents, a group that has come under scrutiny by the Trump administration.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.The Fed’s board approved the reappointment of 11 of the presidents, with the only exception being the Atlanta Fed, where current president Raphael Bostic is stepping down at the end of the February and a new president hasn’t been named.The regional bank presidents all serve five-year terms that end in years ending in 1 and 6. They are routinely approved by the Fed’s governing board. The approval has taken on a higher profile as President Donald Trump has sought to exert greater control over the central bank, which has traditionally been seen as independent of day-to-day politics. The unanimous approval by the board means that the three Fed officials appointed by Trump also voted to approve the reappointments.Last week, Treasury Secretary Scott Bessent said he would push for a new requirement that the regional bank presidents live in their districts for at least three years before being appointed.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Bessent said that the new requirement would be for future appointments and not apply to current presidents. But his comments came just after several bank presidents publicly argued in favor of keeping the Fed’s short-term interest rate unchanged, while the Trump administration is pushing for much lower interest rates.The Fed’s complex structure includes a seven-member board of governors in Washington as well as 12 regional banks intended to bring a diverse set of perspectives to the central bank’s deliberations. The bank presidents are picked by their bank’s board of directors, made up of business and nonprofit leaders. Every five years the Fed governors decide whether to approve their reappointment.Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2025 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.